Dave Ramsey: You don’t need credit. Credit is an “I love debt” score. If you live on less than you make, pay off your debts and stay out of debt, you don’t need credit. Think of how much money you’d have if you had no payments! While I encourage people to save 100% down for a home, a mortgage is the one debt that I don’t frown upon. And if you deal with a local bank and get manual underwriting you don’t need a FICO score.

BI: Consumers are just beginning to feel more optimistic about the economy and are clearly ready to start spending again. As we near the post-recession phase, what's the biggest mistake we're in danger of repeating?

DR: Some people learned hard lessons the past few years that will stick with them forever. But others having returned to their old ways of living beyond their means and going into massive amounts of debt. It is my hope most people will be more intentional with their money, which means they do the dreaded “B” word, the budget. You’ve got to tell your money what to do or it will leave. A written budget should be done every month, on paper, on purpose before the month begins.

BI: What's the worst financial advice someone has ever given you?

DR: There’s not any particular advice, but I would say there was a point in my life where I tried too hard to keep up with the Joneses. But as we all found out the past couple years, the Joneses are broke!